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H.B. 375 An Act Relating to Carbon Pricing

This bill was raised by the New Hampshire legislature, and was held in hearing before the Science, Technology and Energy Committee on Jan. 30, 2019.  It is due for action on Feb. 21.

The bill would assess a carbon tax on fuels and electricity starting at $20 per ton of carbon dioxide emitted in 2020, increasing by $10 per year plus inflation through 2029, then by inflation only from 2030 and thereafter.  Seventy percent of the tax collected would be remitted to residents, the other 30% used for administration, greenhouse gas reduction programs, and to heavily-impacted industries.

The NH Department of Environmental Services (DES) estimates the tax, in dollars per ton of carbon dioxide, would be $20 in 2020, $30.75 in 2021, $41.77 in 2022, and $53.05 in 2023.  They estimate the tax would collect $300 million in 2020, rising to almost $800 million in 2023.

Using the DES figures through 2023, then using the bill’s formula thereafter, we calculate the cost to consumers for various energy sources below, every five years through 2035 (though the price will continue to increase with inflation forever).  Following the state’s 2023 projection, we use an annual 2% inflation rate in our assumptions.  Carbon calculations are based on EIA data (and ISO-NE for electricity) explained elsewhere on this website.

Heating Oil
Year        Tax/gall.   Cost/household
2020        $.1680            $134
2025        $.4480            $358
2030        $.7280            $538
2035        $1.008            $806

Propane
Year        Tax/gall.    Cost/household
2020        $.0953            $95
2025        $.2540            $254
2030        $.4128            $413
2035        $.5715            $572

Natural Gas
Year        Tax/ccf    Cost/household
2020        $.0878            $88
2025        $.2342            $234
2030        $.3806            $381
2035        $.5270            $527

Electricity (non-heat)
Year        Tax/KwH       Cost/household
2020        $.00156                 $19
2025        $.00417                 $50
2030        $.00678                 $81
2035        $.00939                 $113

Gasoline
Year        Tax/gall.    Cost/vehicle
2020        $.1470            $96
2025        $.3920            $257
2030        $.6370            $418
2035        $.8820            $579

Example: assuming you heat your home with natural gas, own two cars, and consume electricity at average levels, your carbon tax cost in 2030 would be $381 for natural gas, $836 for two cars, and $81 for electricity for a total cost during that year of $1,298.  This tax is in addition to the price of the energy you’re purchasing, and other taxes that may be applied, such as on gasoline.  At some point in the following year, you’re supposed to get a partial refund, assuming that part of the law is still in effect, so that your net tax cost would be $389.

1o Reasons to Oppose a Carbon Tax

A “carbon tax” is a tax on energy. Through July 2015, over 80 percent of domestic energy consumption came from natural gas, oil, and coal. A carbon tax would impose an indirect tax on these fuels due to their carbon dioxide emissions. Below are ten reasons carbon taxes should be opposed:

The Truth About Carbon Taxes

The truth about Carbon Taxes an why  the French forced their government to back down.

Why not a carbon tax

A recently released 146 page “carbon pricing analysis” comes to the conclusion that making fuel unaffordable will force people to use less. Below are some more take aways from the report.

Happening Now

French people force government to back down on a carbon tax  

“Here’s what happens when government acts against the will of the people – French protesting a carbon tax near the Arc de Triomphe in Paris”

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